Price boom for Wantirna South five-bedroom homes

MULTI-GENERATIONAL living is driving demand and prices for large five-bedroom houses in Wantirna South.

Such homes recorded price growth of nearly 10 per cent in the past year, to be among top-performing Melbourne suburbs, new data show.

The median price jumped to $1,077,500 – a rise of 9.8 per cent or $96,500 from June 2016 in figures compiled by the Real Estate Institute of Victoria.

“We are seeing many families seeking a floorplan for three generations to live together and having a fifth bedroom and a third bathroom is very appealing,” Barry Plant Wantirna director Brenda Murphy said.

While the strong price growth is good news to homeowners, the lack of supply will mean stronger competition and rising prices for buyers.

The 3 Jonathon Court home offers impressive living and entertaining options.

The suburb had only four such houses listed for sale on realestate.com.au on October 25 while two such homes recently sold for strong prices.

REIV chief executive Gil King said the city’s southeast accounted for seven of the top 10 growth areas for five-bedroom homes.

Mr Murphy said families are increasingly seeking larger homes to accommodate adult children trying to save up for a house deposit.

“We see many adult children asking mum and dad if they can shift back home and try to save. They are finding that having to rent outside means they cannot get ahead and save,” Mr Murphy noted.

More large new homes are also being built on smaller blocks to create more accommodation and living space.

The stunning outdoor zone at 3 Jonathon Court, Wantirna South.

“Wantirna South has a limited supply of prestigious five-bedroom houses and some of these can be found in the established Knox College estate,” Mr Murphy said.

“Newer precincts such as Harcrest estate have large homes on smaller 350sq m blocks with little outdoor space but residents have access to playgrounds and parklands.”

A five-bedroom house at 3 Jonathon Court in the suburb recently sold for $1.4 million or $200,000 above reserve.

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